Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 11.97, indicating a potential upside of 30.0% from the current price of HKD 9.21 [1][12]. Core Insights - The company has demonstrated rapid revenue growth, with a 2023 revenue of RMB 137.39 billion, representing a year-on-year increase of 21.2%. The net profit attributable to shareholders reached RMB 27 billion, up 70.9% year-on-year, and the dividend per share increased by 108% to RMB 0.52 [6][9]. - The company is focusing on the diabetes and weight management sectors, with significant progress in new product development. A new GLP-1/GIP/GCG triple receptor agonist has received clinical trial approval in the U.S. and is expected to enter the Chinese market soon [7][10]. - The company plans to continue increasing its R&D investment, which reached RMB 8.08 billion in 2022, a 36% increase from the previous year. The revenue projections for 2024-2026 are RMB 151 billion, RMB 160.3 billion, and RMB 169.7 billion, respectively [10][12]. Financial Summary - In 2023, the company reported a total revenue of RMB 137.39 billion, with a gross profit margin of 46.11% and a net profit margin of 19.66% [14]. - The company’s total assets amounted to RMB 210 billion, with a net asset value of RMB 127 billion. The earnings per share (EPS) for 2023 was RMB 1.49, with projections of RMB 1.58, RMB 1.70, and RMB 1.80 for 2024, 2025, and 2026, respectively [2][14]. - The company’s market capitalization is approximately HKD 167 billion, with a total share count of 1.817 billion shares [2].
联邦制药：盈利能力显著提升，新药研发加速推进